View Full Version : [Question] Leasing Through Bank In Islam??
TKhan
09-28-2007, 10:00 PM
:sl:
First of all sorry if I've posted in wrong category but I've tried to be accurate. Move it to the correct folder if this is in Wrong section.
Recently I decided to get a new car through bank but I'm confused and have some questions that I want to clarify:
Banks offer you whole amount (The Price of Car) to purchase a car and take like 10% in advance and rest in monthly installments. And they charge you extra amount as they are providing you services. My question is this Interest?? If yes, then why?? and if not then why not??
I'm very desperate to know the answer of this question because I don't want to involve in it if this is Interest. I'm willing to get the answer of this question ASAP and I hope members here will help me.
Allah Hafiz
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TKhan
09-30-2007, 06:03 PM
No one knows ??? I need to know this asap :(
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snakelegs
10-05-2007, 02:25 AM
bump.
anyone know?
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NoName55
10-05-2007, 02:47 AM
funniest thread yet!
what does it say in th leaflet or the application you filled in? ask the Bank what they call the charges.
ROFL
unless ofcourse you decide to lease it for a set number of years (from a garage) then give the car back (owing nothing) then it will be called leasing fees or car rental.
My question is this Interest??
If yes, then why?? and if not then why not??
Blasted hilarious!
where does it say that we have a
Shariah Banking expert in residence?
this and above link turned up in Google:
Shariah Rulings in Islamic banking and insurance
Note: the links may contain all nonsense for all I know (as I have not gone through the site to read them yet)
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nocturne
10-13-2007, 04:49 PM
not sure where you are from brother. But, this is want happens in Singapore as well.
So let's pay the car costs $50,000 and u take 10% of that which will be like a total of $55,000. they will probably charge u a monthly interest for that sum (extra charges as u put it) so u will end up probably paying like additional $5k or more depending on the length of your "lease".
*I am no expert on Shariah law,but there is no bank in the world that does not charge interest for loans (unless its a islamic bank)
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Seeker_of_truth
10-15-2007, 09:02 PM
Anything added to the loan is interest. So for example you go to "SO CALLED" Islamic bank they give you a loan and charge a "fee" that is still considered RIBA.
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aligzander
10-16-2007, 08:49 AM
format_quote Originally Posted by
TKhan
No one knows ??? I need to know this asap :(
السلام عليكم و رحمة الله و بركاته
Purchasing a car on monthly installment is not allowed in Islam according to Sheikh Azim on HUDA Channel.
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